Company directors must become tech-savvy
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Opportunities and risks posed by IT demand the attention of the board but seldom receive it, Deloitte report claims
Company directors “can no longer afford to be anything less than tech savvy”, according to a report from consulting giant Deloitte’s Global Centre for Corporate Governance.
The report asserted that between the opportunities that technology presents, and the growing number of IT risks, the board of directors must provide effective oversight of the company’s IT.
“Despite this imperative, anecdotal evidence suggests that few boards devote enough time and attention to IT,” it added, however. “Many would like to do more but are uncertain how.”
The report, entitled The Tech-Intelligent Board, identified five critical IT-related issues for the board to consider. These are: the way in which IT can support the board’s own strategic decisions; the full spectrum of risks associated with IT; aligning IT to business strategy; ensuring major IT projects deliver on their investment; and “administering IT education”.
